(Apr 23): Lenders to HNA Group Co.’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility.

Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9 am on April 17 tied to a HK$1.4 billion ($242 million) loan taken out in September.

Operations of CWT are continuing as usual and trading in CWT International shares will remain suspended, according to the statement. HNA Group’s US$200 million bond due 2021 was indicated at a record low of 77 cents on the dollar on Tuesday, according to traders.

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